Wonder if your now photo is taken too far east as it shows the second arched entrance from the corner and it doesn't show the corner of the building as in the then photo.
If I'm not mistaken, also the original site of the Club Bluenote, an after-hours soul club on the Yonge Street strip, renowned for the mix of rock and R&B that came to be known as the “Toronto Sound", before its relocation to Pears Ave.